EUROPEAN UNION

BY: NASEER AHMAD

R/N: 1427-312005

CONTENTS

Introduction

Currency

Security

Members and population

Governance

Introduction:

TheEuropean Union(EU) is apolitico-economicunion of28 member statesthat are

located primarily inEurope.It covers an area of 4,324,782km 2, with an estimated
population of over 508 million. It operates through a hybrid system ofsupranationaland
intergovernmentaldecision-making.Its institutions are: theEuropean Council, theCouncil
of the European Union, the European Parliament, theEuropean Commission, theCourt of
Justice of the European Union, theEuropean Central Bank, and the European Court of
Auditors.

The EU has developedan internal single marketthrough a standardized system of laws

that apply in all member states. Within the Schengen Area,passportcontrols have been
abolished.EU policies aim to ensure thefree movement of people, goods, services, and
capital,enact legislation in justice and home affairs, and maintain common policies on
trade,agriculture,fisheries, and regional development.Themonetary unionwas
established in 1999 and came into full force in 2002. It is currently composed of 19
member states that use theeuro as their legal tender.

The EU traces its origins from theEuropean Coal and Steel Community(ECSC) and
theEuropean Economic Community (EEC), formed by theInner Sixcountries in 1951 and 1958,
respectively. In the intervening years, the community and its successors have grown in size
bythe accession of new member statesand in power by the addition of policy areas to its
remit. TheMaastricht Treaty established the European Union under its current name in 1993
and introducedEuropean citizenship.The latest major amendment to the constitutional basis of
the EU, theTreaty of Lisbon, came into force in 2009.

Covering 7.3% of the world population, the EU in 2014 generated a nominalgross domestic
product(GDP) of 18.495 trillion US dollars, constituting approximately 24% of globalnominal
GDPand 17% when measured in terms ofpurchasing power parity. Additionally, 26 out of 28 EU
countries have a very highHuman Development Index, according to theUNDP. In 2012, the EU
was awarded theNobel Peace Prize.Through theCommon Foreign and Security Policy, the EU
has developed a role inexternal relationsanddefense. The union maintains
permanentdiplomatic missionsthroughout the world and represents itself at theUnited
Nations, theWTO, theG8, and theG-20. Because of its global influence, the European Union
has been described as a current or as apotential superpower.

Currency:

The euro is the result of the European Union's project foreconomic and monetary
unionwhichcame fully into being on 1 January 2002. and it is now the currency used by the
majority ofEuropean Union's member states, with all but three bound to adopt it. It is the
currency used by theinstitutions of the European Unionand in the failedEuropean
Constitutionit was to be included with thesymbols of Europeas the formal currency of the
European Union. The euro is alsowidely used by other states outside the EU.

Security:

TheEuropean Security Strategyis the document in which theEuropean Unionclarifies

its security strategy which is aimed at achieving a secure Europe in a better world,
identifying the threats facing the Union, defining its strategic objectives and setting out the
political implications for Europe.The European security strategy was drawn up in 2003
under the authority of the EU'sHigh Representative for the Common Foreign and Security
Policy,Javier Solana, and adopted by the Brussels European Council of 12 and 13 December
2003.

Name

Capital

Austria

Vienna

Belgium

Brussels

Bulgaria

Sofia

Croatia

Accession

Population[7]

Area (km2)

1 January 1995

8,584,926

83,855

Founder

11,258,434

30,528

1 January 2007

7,202,198

110,994

Zagreb

1 July 2013

4,225,316

56,594

Cyprus

Nicosia

1 May 2004

847,008

9,251

Czech Republic

Prague

1 May 2004

10,538,275

78,866

Denmark

Copenhagen

1 January 1973

5,659,715

43,075

Estonia

Tallinn

1 May 2004

1,313,271

45,227

Finland

Helsinki

1 January 1995

5,471,753

338,424

France

Paris

Founder

Germany

Berlin

Greece

Athens

Hungary

Budapest

Ireland

Dublin

Italy

Rome

Latvia

66,352,469

640,679

[e]

81,174,000

357,021

1 January 1981

10,812,467

131,990

1 May 2004

9,849,000

93,030

1 January 1973

4,625,885

70,273

Founder

60,795,612

301,338

Riga

1 May 2004

1,986,096

64,589

Lithuania

Vilnius

1 May 2004

2,921,262

65,200

Luxembourg

Luxembourg City

Founder

562,958

2,586

Malta

Valletta

1 May 2004

429,344

316

Netherlands

Amsterdam

Founder

16,900,726

41,543

Poland

Warsaw

1 May 2004

38,005,614

312,685

Portugal

Lisbon

1 January 1986

10,374,822

92,390

Romania

Bucharest

1 January 2007

19,861,408

238,391

Slovakia

Bratislava

1 May 2004

5,421,349

49,035

Slovenia

Ljubljana

1 May 2004

2,062,874

20,273

Spain

Madrid

1 January 1986

46,439,864

504,030

Sweden

Stockholm

1 January 1995

9,747,355

449,964

United Kingdom

London

1 January 1973

64,767,115

243,610

Founder

Governance:

The European Union has seven institutions: theEuropean Council, theCouncil of the
European Union, theEuropean Parliament, theEuropean Commission, theCourt of
Justice of the European Union, theEuropean Central Bankand theEuropean Court of
Auditors. Competence in scrutinizing and amending legislation is shared between the
Council of the European Union and the European Parliament, while executive tasks are
performed by the European Commission and in a limited capacity by the European
Council (not to be confused with the aforementioned Council of the European Union).
Themonetary policyof theEurozoneis determined by the European Central Bank. The
interpretation and the application of EU law and the treaties are ensured by the Court
of Justice of the European Union. The EU budget is scrutinized by the European Court of
Auditors. There are also a number of ancillary bodies which advise the EU or operate in
a specific area.